Nang Fung, advised by JLL, has exchanged on the deal with vendors, Abu Dhabi Investment Authority and LaSalle Investment Management, for a gross price of £302.75m or a net price of £300.5m. The price paid reflects a net initial yield of 4.35% and a capital value of around £1,145 per sq ft.

Despite paying more than £20m over the asking price, the deal will be seen as a major coup for Nan Fung, which secured the transaction ahead of 16 other bids for the development, including interest from the likes of Blackstone, TH Real Estate and Thor Equities. Regent Quarter is already performing at Nan Fung’s underwrite level and the asset sits next to King’s Cross station, the most pre-let submarket in central London.

Of the 16 bidders, ADIA and LaSalle took a handful of investors through to the second round of bidding, for which the cut-off was the £280m quoting price.

The complex comprises three phases of development with around 30 buildings, including close to 200,000 sq ft of fully let offices as well as retail space. The buildings were developed by P&O Istithmar and sold to LaSalle’s London Office Fund in 2005.